Credential Securities finalizes solution to repurchase ABCP investments

Vancouver, BC – Credential Securities Inc. has finalized the details of a relief program to repurchase at par value the restructured third-party Asset-Backed Commercial Paper (ABCP) from Credential Securities and Credential Direct clients invested in ABCP and who qualify for the relief program.

“We realize that this has been a difficult period for our clients,” said Bob Hague, Interim CEO of Credential Financial. “We have worked diligently to secure the very best deal for our clients and are pleased to be able to come forward with this solution.”

The Credential Securities Relief Program combines a third-party market bid with a top-up funded by Credential Securities and select credit union partners. The transaction was facilitated by Canaccord Capital Corporation. The Relief Program achieves par value plus an entitlement to any unpaid interest for clients with $1 million or less in ABCP investments.

Highlights of the Credential Securities Relief Program are as follows.

• The Program is dependent on a successful restructuring of the ABCP market in Canada as proposed by the Pan-Canadian Investor Committee.
• Clients will receive par value of their ABCP investments.
• Clients will remain entitled to any unpaid interest as outlined under the restructuring plan. In addition, Credential Securities will reimburse the eligible clients’ pro rata share of the restructuring costs.
• Eligible clients who wish to participate in the Program will execute assignments of all of their restructured notes – this will effectively ‘sell’ or ‘transfer ownership’ of these notes to Credential Securities in return for their par value. This transfer of ownership will only be completed when clients receive their purchase proceeds.
• Clients will receive their proceeds no later than 20 business days after the exchange of their ABCP investments for restructured notes in accordance with the restructuring plan.
• All funds necessary to fund the purchase of notes will be committed to escrow.
• Eligible clients need to accept the offer under the Relief Program prior to the restructuring plan implementation date, currently scheduled for May 23, 2008.

A complete package with specific instructions regarding the Program and explanation of additional conditions to complete the purchase of the notes will be sent to eligible clients as soon as possible.

“Throughout the ABCP liquidity crisis, Credential Securities and our partner credit unions have been working hard to support our clients. We are proud of this joint effort and of securing a solution in the best interests of the vast majority of our ABCP investors.” said Hague. “Our focus now shifts to ensuring our clients understand the specifics of the proposal and how it benefits them.”

More information on the Credential Securities Relief Program is available at
www.credentialsecurities.com/reliefprogram.

About Credential Securities Inc. – Credential Securities Inc. is a wholly-owned subsidiary of Credential Financial Inc. and is a member of the Canadian Investor Protection Fund (CIPF) and the Investment Dealers Association of Canada (IDA). Credential Direct is an online brokerage service and a division of Credential Securities Inc. Credential Financial Inc. is owned by the eight Provincial Credit Union Centrals and The CUMIS Group Limited.

MEDIA CONTACT:
Jane Mitchell
Credential Securities Inc.
604.714.3843
604.763.7665
jmitchell@credential.com

Elaine McHarg
Credential Securities Inc.
604 714-3800